We all know that the players are sold to highest bidding amount in IPL auction but do they get the entire bidding amount
IPL 2024 will begin on March 22, 2024. The IPL 2024 auction recently got over and a total of INR 230 Crore has been spent by the 10 teams to buy a total of 72 players out of 332 players. The hype is real and will be more as we are going to see some new faces. The Australian Team bagged the maximum cash this time. But one question that surrounds everyone is how the players will get their bidding amount.
Well the total bid amount is not paid to the players as the Board deduct some amount of money as tax. Also the franchise has different methods of paying players their bidding amount. Some pay upfront and some pay after the season. It depends solely on the will of the franchise.
IPL Auction Process
The auction process begins with a base price which is INR 20 Lakhs this time and then the franchise bet the highest amount to secure the player in their team.
After the auction has been done, the player gets the entire amount after tax deduction and he will be paid for the entire season even if the management decides not to send him to play at all. The tax amount is 10% for the Indian players and 20% for the overseas players.
But there is a case when the management decides not to pay at all when the players get injured. In that it is up to the decision of the franchise to pay him or not. But it is also on the shoulder of the franchise to pay for the recovery of the player.
If a player is available for the number of matches and got injured in mid season then the franchise will pay the amount as per the total number of matches played by the player.
Do players get signed for one season only?
This is where things are pretty different for the people who do not know about the auction process. The franchise and the player signed a 3 year contract along with the condition of retention and releases. So let’s say if a player is bought for INR 10 Crore then the franchise will pay him a total of INR 30 Crore for the next 3 years.
However, it is on the will of the franchise whether to pay the player upfront OR in installments. Some franchises follow a 15-60-25 model, where 15% is paid before the tournament, 60% during the tournament and the rest 25% after the tournament is over.
If the team decides to release the player from the team before the contracts end then it can be done. The franchise has to pay the total sum to the player for which he signed the contract.
If the player wants to get released before the contract ends then the other franchise will pay a transfer fee to the former franchise. For eg. Mumbai Indians pay INR 15 Crore to Gujarat Titans to release Hardik Pandya.
Do Players earn extra?
Well it solely depends on the performance of the players. They do earn bonuses for winning matches. Also the player receives bonuses for runs he scored and taking a certain number of wickets. This amount is negotiated between players and franchise. Overall these bonuses are extra earnings of the player over the salary.
The IPL is a cash-rich league where brands, franchises and players earn a huge pool of money. IPL is a gateway for the Indian players to shine and make their way in the Indian Cricket Team.
